KUALA LUMPUR (June 16): AllianceDBS Research said Anzo Holdings Bhd (Anzo) had on June 15 traded lower to settle at the day’s low of RM0.195 (down 2 sen or 9.30%).

In its evening edition yesterday, the research house said Anzo continued to trade below the 20-day and 50-day moving average lines.

“Following the down close on June 15, the stock is likely to move lower again with immediate support at 19.5 sen.

“A fall below 20 sen would put pressure on the stock down to the subsequent support zone, 16 sen – 17 sen.

“The hurdle is pegged at 26 sen. A crossover of 26 sen should see further price rise to the next overhead resistance at 30 sen,” it said.

AllianceDBS Research said stock volume traded on June 15 was 116.9 million shares compared to the 3-month average volume of 34.4 million shares.

The research house said that indicators wise, the MACD was marginally below the 9-day moving average line with a sell signal just being emitted.

It said the relative strength index indicated that the stock was currently in an oversold zone.